The U.S. Has Too Much Oil And Nowhere To Put It
US Shale Shows No Sign Of Slowing Down
By Guest Column Dr. Benny Peiser—— Bio and Archives--March 13, 2015
Global Warming-Energy-Environment | Comments | Back To Full Article
As oil prices have crashed, from more than $100 a barrel last summer to below $50 now, big trading companies are storing their crude in hopes of selling it for higher prices down the road. With U.S. production continuing to expand, that’s led to the fastest increase in U.S. oil inventories on record. For most of this year, the U.S. has added almost 1 million barrels a day to its stash of crude supplies. As of March 11, nationwide stocks were at 449 million barrels, by far the most ever. Oil investors appear to be coming around to the notion that a lack of storage capacity could lead to another price crash. --Matthew Philips, Bloomberg, 12 March 2015
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